ICICI Prudential registers 29% year-on-year growth in retirement business in FY2022

ICICI Prudential Life Insurance has registered a robust growth in its retirement business segment which grew 29% from Rs. 2,292 crore in FY2021 to Rs. 2,956 crore in FY2022.
 

According to an official communication from the company, the Company launched, an innovative annuity product, ICICI Pru Guaranteed Pension Plan to  provide guaranteed regular lifelong pension at a rate of interest that is locked-in at the time of purchase. Any volatility in interest rates of other fixed income instruments does not affect the pension amount. By selecting the Joint Life option, customers can ensure their spouse receives the same guaranteed regular income after they are no more, and be financially independent.

ICICI Pru Guaranteed Pension Plan has been well received by customers. It has been awarded the “Product of the Year 2021” in the Retirement and Pension category by Product of the Year (India) Private Limited.
ICICI Pru Guaranteed Pension Plan is available in 4 different payout modes. 

The product offers flexibility to choose the frequency at which they wish to receive the guaranteed regular income said, Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance Company.